NNPCL confirms petrol price increment

…Announces new fuel price across States

The Nigerian National Petrol Company Limited, (NNPCL) yesterday confirmed the upward review of pump prices of Premium Motor Spirit, (PMS), popularly known as petrol, across the country.

Less than 24 hours after President Bola Tinubu declared an end to fuel subsidy, the pump price of petrol ballooned to N600 per litre from N195/l in many parts of the country.

Consequently, there was a 100 percent hike in transport fares, while long queues resurfaced at fuel stations across Lagos, Abuja, Kaduna, Ilorin, Benin, Asaba, Port Harcourt, Kano, Makurdi and other major cities and urban areas.

Oil marketers yesterday also confirmed the hike in the pump price of petrol to over N500 per litre, depending on the location of purchase.

A document that allegedly emanated from the NNPC showed the latest cost of PMS in various States and the Federal Capital Territory.

Figures in the document indicated that while the cost of petrol in Borno State was put at N557 per litre, the prices in Lagos, Abuja, Enugu and Ekiti were outlined as N488 per litre, N537 per litre, N520 per litre, and N500 per litre respectively.

In a statement issued yesterday, and signed by its Chief Corporate Communications Officer, Garba Deen Muhammad, the national oil company explained that the adjusted pump price was in line with “current market realities”.

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